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Economic Performance Evaluation of European Union Countries by Topsis Method

Author

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  • Mahmut MASCA

    () (Afyon Kocatepe University, Turkey)

Abstract

In this study, an economic performance evaluation of European Union (EU) Countries has been made by a TOPSIS (Technique for Order Priority of Similarity by Information System) method which is based on Multi Criteria Decision Making (MDCM) approach by six macro-economic data of 28 EU countries. The data belong to year of 2015. TOPSIS method has been applied for the ranking of the countries for 2015. To assess the performance of economies, six macroeconomic indicators, four of which are Maastricht criteria are used: long-term interest rates, general government deficit (-) and surplus (+) (as percentage of GDP), general government gross debt (as percentage of GDP), inflation rate, gross fixed capital formation (as percentage of GDP) and unemployment rate. The results show that Sweden had best economic performance and Greece had the worst performance in 2015.

Suggested Citation

  • Mahmut MASCA, 2017. "Economic Performance Evaluation of European Union Countries by Topsis Method," North Economic Review, Technical University of Cluj Napoca, Department of Economics and Physics, vol. 1(1), pages 83-94, October.
  • Handle: RePEc:clj:noecrw:v:1:y:2017:i:1:p:83-94
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    References listed on IDEAS

    as
    1. Lai, Young-Jou & Liu, Ting-Yun & Hwang, Ching-Lai, 1994. "TOPSIS for MODM," European Journal of Operational Research, Elsevier, vol. 76(3), pages 486-500, August.
    2. Kim, Gyutai & Park, Chan S. & Yoon, K. Paul, 1997. "Identifying investment opportunities for advanced manufacturing systems with comparative-integrated performance measurement," International Journal of Production Economics, Elsevier, vol. 50(1), pages 23-33, May.
    3. Adam P. Balcerzak & Michal Bernard Pietrzak, 2016. "Application of TOPSIS Method for Analysis of Sustainable Development in European Union Countries," Chapters,in: T. Loster & T. Pavelka (ed.), The 10th International Days of Statistics and Economics. Conference Proceedings. September 8-10, 2016, edition 1, volume 1, chapter 9, pages 82-92 Institute of Economic Research.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    European Union; Maastricht Criteria; TOPSIS Method; Multi Criteria Decision Making Techniques;

    JEL classification:

    • C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General
    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory
    • F15 - International Economics - - Trade - - - Economic Integration

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